Lord Abbett & CO. LLC Has $50.26 Million Position in GitLab Inc. (NASDAQ:GTLB)

Lord Abbett & CO. LLC trimmed its position in shares of GitLab Inc. (NASDAQ:GTLB) by 0.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 861,720 shares of the company’s stock after selling 5,165 shares during the quarter. Lord Abbett & CO. LLC owned 0.54% of GitLab worth $50,256,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in GitLab by 12.9% during the 4th quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock worth $591,096,000 after purchasing an additional 1,070,994 shares in the last quarter. Norges Bank acquired a new position in shares of GitLab in the fourth quarter valued at approximately $222,591,000. 1832 Asset Management L.P. bought a new stake in shares of GitLab during the fourth quarter worth $76,918,000. Fiera Capital Corp raised its holdings in shares of GitLab by 0.5% during the fourth quarter. Fiera Capital Corp now owns 1,199,817 shares of the company’s stock worth $75,540,000 after acquiring an additional 5,446 shares during the period. Finally, Wellington Management Group LLP lifted its position in GitLab by 25.8% in the 4th quarter. Wellington Management Group LLP now owns 791,356 shares of the company’s stock valued at $49,824,000 after acquiring an additional 162,369 shares in the last quarter. Institutional investors and hedge funds own 91.72% of the company’s stock.

GitLab Stock Up 1.1 %

Shares of GTLB traded up $0.56 during trading hours on Friday, hitting $53.57. 1,650,991 shares of the company were exchanged, compared to its average volume of 2,649,732. GitLab Inc. has a fifty-two week low of $40.19 and a fifty-two week high of $78.53. The company has a market cap of $8.51 billion, a price-to-earnings ratio of -19.42 and a beta of 0.46. The firm’s fifty day moving average is $50.01 and its 200 day moving average is $58.00.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data on Monday, June 3rd. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.09. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. The firm had revenue of $169.19 million for the quarter, compared to the consensus estimate of $165.66 million. Analysts anticipate that GitLab Inc. will post -0.5 EPS for the current year.

Insider Buying and Selling

In other news, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction on Monday, July 15th. The stock was sold at an average price of $48.99, for a total value of $2,743,440.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CFO Brian G. Robins sold 11,667 shares of the stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $45.46, for a total value of $530,381.82. Following the completion of the transaction, the chief financial officer now owns 293,508 shares of the company’s stock, valued at approximately $13,342,873.68. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $48.99, for a total transaction of $2,743,440.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 116,943 shares of company stock worth $5,699,980. Corporate insiders own 21.36% of the company’s stock.

Analyst Upgrades and Downgrades

GTLB has been the subject of a number of research reports. BTIG Research lowered their target price on GitLab from $71.00 to $58.00 and set a “buy” rating for the company in a report on Tuesday, June 4th. Truist Financial reaffirmed a “buy” rating and set a $80.00 price target on shares of GitLab in a research report on Monday, April 1st. Bank of America cut their price objective on GitLab from $85.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, June 4th. Canaccord Genuity Group dropped their price target on GitLab from $74.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, June 5th. Finally, Raymond James upgraded shares of GitLab from a “market perform” rating to an “outperform” rating and set a $70.00 price objective on the stock in a report on Friday, April 12th. Four equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $67.30.

GitLab Company Profile

GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. It offers GitLab, a DevOps platform, which is a single application that leads to faster cycle time and allows visibility throughout and control over various stages of the DevOps lifecycle.